Reed Business Information has sold three of its business-to-business publications, Broadcasting & Cable, Multichannel News and TWICE to NewBay Media, the publisher of broadcasting b-to-b titles like Television Broadcast and Radio World and an affiliate of private equity firm the Wicks Group.
“With this acquisition NewBay adds significant depth and breadth to its existing portfolio of broadcast properties, including TV Technology and Television Broadcast, and consumer electronic properties, including Residential Systems,” said NewBay CEO Steve Palm in a statement about the deal.
According to a memo sent to staff today by RBI’s CEO John Poulin, obtained by FBNY, staffers at the publications “will remain at RBI as we work with NewBay Media to complete the transition,” although their future at NewBay seems uncertain. A NewBay spokesman told FishbowlNY that he was unaware of the future plans for the brands and their staffs, but a tipster tells us the company will offer jobs to the employees they want to keep by the end of the year. (Know anything? Send us an email or leave a tip in the box on the right.)
Poulin also said the company was continuing to work on finding new homes for the other RBI brands — including Publishers Weekly and Library Journal — that the company has been looking to sell since the summer.
In July, RBI Global CEO Keith Jones revealed that the company was putting nearly 50 of the company’s publications on the block. “We have decided to focus our efforts and investments on a narrower range of brands and markets,” Jones said at the time.
Full memo after the jump
Memo from John Poulin:
I have some divestiture-related news to share. Today NewBay Media purchased the publications Broadcasting & Cable, Multichannel News and TWICE. All related brand products and Websites are included in the sale.
NewBay Media, an affiliate of the Wicks Group of Companies, is a well-respected publisher and producer of award-winning magazines, conferences and events, online communities and marketing services. Some of NewBay Media’s market-leading titles are Television Broadcast, TV Technology, Digital Video (DV), Radio World and AV Technology.
Our colleagues at Broadcasting & Cable, Multichannel News and TWICE will remain at RBI as we work with NewBay Media to complete the transition. We wish these employees the very best as they work toward a bright and productive future.
For everyone else, please know that both Jeff DeBalko and I are focused on finding new homes for remaining RBI brands that are to be divested.
Thank you for your continued support and dedication during this time of transition.